Capital Markets

NOVA Chemicals Corporation in its Offering of US$400 million Senior Secured Notes and its Offering of US$650 million of Senior Unsecured Notes

NOVA Chemicals Corporation
Key Contact
John Macfarlane

Partner, Corporate, Toronto

Team
David Davachi

Partner, Tax, Toronto

Richard M. Borins

Partner, Financial Services, Toronto

James Chang

Associate, Tax, Toronto

Sandra Malcolm

Counsel, Corporate, Toronto

 

Osler represented NOVA Chemicals Corporation (“NOVA”) in its 2023 private placement of US$400 million senior secured notes due 2028 (the “2028 Notes”) and its 2024 private placement of US$650 million senior unsecured notes due 2030(the “2030 Notes”).  The 2028 Notes have an interest rate of 8.50% per annum.

Concurrently with the 2028 Notes offering, NOVA completed a tender offer for US$400 million of its $1,050 million 4.875% senior notes due 2024 (the “2024 Notes”).  The 2030 Notes have an interest rate of 9% per annum.  Concurrently with the 2030 Notes offering, NOVA completed a tender offer for any and all of its remaining US$650 million 2024 Notes.  In connection with the 2028 Notes offering, Osler also represented NOVA in its amendment and restatement of its senior secured US$1.50 billion revolving credit facility and US$400 million term loan and related security amendments.

NOVA Chemicals Corporation operates as a North American petrochemical company.

Osler, Hoskin & Harcourt LLP advised NOVA Chemicals Corporation with a team consisting of John Macfarlane, Sandra Malcolm, (Corporate), Richard Borins, Malcolm Peck-McQueen, Hayley Larkin (Financial Services), David Davachi and James Chang (Tax).

Value
US400 million and US$650 million
Date Closed
February 5, 2024
Lead Office
Toronto
Key Contact
John Macfarlane

Partner, Corporate, Toronto

Team
David Davachi

Partner, Tax, Toronto

Richard M. Borins

Partner, Financial Services, Toronto

James Chang

Associate, Tax, Toronto

Sandra Malcolm

Counsel, Corporate, Toronto